Africa-Press – Liberia. The Joint Committee on Ways, Means, and Finance of the 55th Legislature has uncovered an additional $51.451,000 in revenue for the fiscal year 2024, bringing the total draft budget to $743.859,000. This discovery was made during the scrutiny of the budget as per Liberia’s Public Financial Law. The executive had submitted a budget to the tune of US$692,408,827 million. According to the Committee in its report, the additional revenue is expected to come from various ministries, agencies, commissions (MACs), and state-owned enterprises (SOEs). For the MACs, the breakdown includes contributions from the Ministry of Foreign Affairs (US$844,000), Liberia Information Services (US$2 million), Ministry of Labor (US$2 million), Ministry of Mines and Energy (US$8 million), Ministry of Transport (US$740,000), Liberia Revenue Authority (US$8 million), Ministry of Commerce and Industry (US$1,350,000). Under SOEs, the Liberia Petroleum Refining Company (US$2 million), National Port Authority (US$2.5 million), National Fisheries and Aquaculture Authority (US$1.5 million), Liberia Petroleum Regulatory Authority (12.8 million), Road Fund Levy Reversal (US$6,305,000), Maritime Revenue (US$2 million), Liberia Telecommunications Authority (US$3.5 million), Road Fund Levy Arrears (US$3 million), Road Fund Levy from LPRC (US$6,305,000), and Revenue Double Counting on Surcharge (US$10,400,000). Recommendation to Pass The committee emphasized that considering there is an urgent need to improve and support the proper collection of government revenues, these revenue projections are contingent on a number of factors including measures to be taken by the LRA and the passage of some laws by the Legislature. It added that the appropriation stage follows the mandate of the Plenary that included the relevant sector committees during the public hearing, noting that in these rigorous budget debates, ministries and agencies were given the opportunity to defend their draft proposals. According to the Committee, during the public hearing, in cases where there were doubts and insufficient information, the Committee divided itself into subcommittees to ensure that the hearing intently looked at the programs in detail to ensure value for money. “To enhance revenue mobilization and ensure efficiency in our services sectors, the Committee recommends the passage of the Fiscal Year 2024 National Budget along with its Budget Working Papers, and the Fiscal Measures stated herein, in addition to the Budget Framework paper,” the Committee urged. Fiscal measures In a list of recommendations, the Committee said upon the approval of the budget by the President, the Ministry of Finance shall present to the Legislature the final copy within fifteen working days. It called for budgetary appropriation for the Liberia Revenue Authority to be paid immediately upon collection of revenue by the budgetary ratio 5% of revenue collection until its budgetary ceiling is realized in accordance with the act creating the Liberia Revenue Authority. It further recommends that all social development funds including the Land Rental Fees be transferred directly to the affected county escrowed accounts and swept at real time. It called for a revenue sharing of 50% – 50% between the Central Government and the counties (Cities, Township, Borough) for all excess budgetary revenue collected from Real Property taxes. The Committee also recommended that the Ministry of Labor and the Liberia Immigration Services retain 5% of revenue generated for the enhancement of digitals tracking and service systems to cover cost of enforcement and ensure efficiency in their services. It mandates the Liberia Telecommunication Authority to remit to the Ministry of Post and Telecommunications 5% of its share of revenue as provided for in the Telecommunication Act. And that the Liberia Revenue Authority ensures the timely collection of all taxes to include SOEs’ contributions, and arrears from road funds monthly, and Maritime remittance payment being consistent with the LISCR Agreement. It wants all contributions to be remitted at most on a quarterly basis, while the Bureau of State Enterprise shall ensure that the financial reporting of all SOEs are presented fairly, taking account the expenditure and revenue. The effective monitoring of all SOEs shall be conducted monthly by the BSE at the expense of the SOEs at a cost of 0.25% of their gross income per annual. The Committee wants the Liberia Revenue Authority to have viewing rights to all internal revenue generating accounts of revenue generating entities to include all SOEs, while the Liberia Revenue Authority and the Ministry of Lands and Mines shall coordinate to ensure the efficient collection of mining related taxes to include a mechanism for withholding at source. In addition, it called on the Liberia Revenue Authority to conduct a comprehensive reconciliation of all revenue transitory accounts. Amounts realized from said reconciliation shall be reported in the supplementary budget during the mid-year review. And the Liberia Revenue Authority shall have viewing rights on all internal revenue generating accounts of revenue generating entities to include all States Owed Enterprises and reserve the right to garnish for non-compliance in the case of SOEs. The report was followed by a lengthy debate on the floor with the lawmakers commending the Committee for an “excellent job” in discovering additional sources of revenue. The debate continues Monday next week. For More News And Analysis About Liberia Follow Africa-Press
